Redemption

Investors can redeem their USTY for USDC by initiating a withdrawal request. During the redemption process, the USTY tokens previously held by the investor will be burnt. The final amount of USDC the investor will receive will depend on the amount of USTY redeemed, the prevailing US$/USDC exchange rate at the time of deposit, and the NAV of the ETF.

The following diagram provides a high-level overview of the redemption process.